PM — Eid Mubarak indeed: Boris Johnson resigns and inflation in Egypt is down for the first time in seven months.

Eid Mubarak, ladies and gentlemen. And after the year we all just had, We wish you and your loved ones a restful and enjoyable break. We’ll be back in your inboxes at the appointed hour on Sunday, 17 July.

And the news wants to send us off with a warm goodbye, with very positive plot twists in major talking points at home and abroad…

THE BIG STORIES TODAY-

#1- Annual urban inflation slowed for the first time since November 2021, recording 13.2% y-o-y in June, down from 13.5% the previous month, according to data (pdf) released this morning from state statistics agency Capmas. The drop was attributed to a decline in food and beverage prices.

Has inflation peaked? Analysts, including from Beltone, CI Capital, and Arqaam had all expected inflation to peak in summer, but had predicted we won’t see a decline until August, with estimates ranging from c.15-18%. That said, the inflation remains well above the Central Bank of Egypt’s target of 7% (±2%).

#2- A last pre-Eid M&A announcement: EGX-listed Paint and Chemical Industries Company (Pachin) received a non-binding acquisition offer from Saybad Industrial Investment for 100% of the company, according to a disclosure to the EGX (pdf). Saybad’s offer prices Pachin’s shares between EGP 16 and EGP 16.5 apiece, valuing the company at EGP 396 mn. The Pachin share rose 3.53% at the end of trading today.

THE BIG STORY ABROAD-

Boris Johnson admits defeat and resigns: UK Prime Minister Boris Johnson has finally stepped down, ending a political crisis over his future that had paralyzed the British government over the past 48 hours. In a televised speech (watch, runtime 6:27) Johnson said that it is "clearly now the will" of the Conservative party for there to be a new leader. This comes after a string of scandals plagued his tenure in office, prompting an unprecedented mass resignation of at least 50 members of his government, including Health Secretary Sajid Javid and Treasury chief Rishi Sunak. A delegation of ministers gathered at 10 Downing Street this morning to tell Johnson he has to go. The embattled leader said he will continue to serve as prime minister until a replacement is chosen.

And the markets rejoiced: Investors welcomed Johnson’s resignation, with the FTSE 100 stock index trading around 1.2% higher immediately following his speech. 10-year UK government bond yields went up, and the GBP inched up 0.37% against the USD, CNBC reported.

The story is front page news everywhere, including: Reuters | Financial Times | Wall Street Journal | Washington Post

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• PMI hits new low: Activity in Egypt’s non-oil private sector recorded its worst performance in two years in June, as client demand dropped on supply-side pressures, rising inflation and the devaluation of the EGP.
• EIB and Banque Misr to increase support for SMEs + covid-hit sectors: The European Investment Bank (EIB) and Banque Misr have launched two new technical assistance programs to increase support for SMEs and sectors hit by covid-19, the lender said in a statement yesterday.
• The Fed is sharpening its beak: US Federal Reserve officials are prepared to raise interest rates at an even faster rate to avoid the “significant risk” that soaring inflation becomes entrenched, minutes from last month’s policy meeting showed yesterday.

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???? CIRCLE YOUR CALENDAR-

Officials from Egypt, the UAE and Jordan will hold talks in Cairo later this month to discuss the new industrial partnership agreed in May, cabinet said Tuesday. Abu Dhabi sovereign wealth fund ADQ will invest USD 10 bn in industrial projects under the initiative, which will see the three countries collaborate to boost manufacturing and exports. Egypt and the UAE will also sign an agreement to establish a huge 10 GW wind plant following the Eid Al Adha holiday, according to the statement.

Public consultations on the state ownership policy document that outlines its privatization plans will resume on Sunday, 17 July, with air transport industry players taking center stage. Every Sunday and Tuesday sees workshops on how privatization plans will affect specific industries. You can find more details on the schedule of the meetings here.

National Dialogue meetings to resume 19 July: The board overseeing the National Dialogue will hold its second meeting on 19 July, during which it will discuss the agenda and form subcommittees. Board members met for the first time yesterday.

Need a refresher on the national dialogue? We’ve got you covered.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Expect a daytime high of 39°C tomorrow and a nighttime low of 22°C in the capital city, according to our favorite weather app.

It’s official: Gas and nuclear energy are green in the eyes of the EU…cue the facepalm: EU lawmakers voted yesterday in favor of labeling gas and nuclear projects green in its controversial green taxonomy, in a landmark vote for the bloc’s energy policies, Bloomberg reports. The vote allows nuclear and gas projects to tap into ESG funding. The taxonomy — which it’s hoped will act as a gold standard for green investing amid the energy transition — had looked to be on shaky ground in recent months as member states objected to the inclusion of nuclear and gas. It now looks set to go into effect at the start of 2023.

Objecting: Austria and Luxembourg, who may pursue a lengthy legal challenge.

Either way, it’s good news for us: We’ve signed an agreement with the EU and Israel that will see us increase gas exports to the EU, which will also see the bloc encourage its energy companies to increase investment in gas exploration and production in Egypt. The inclusion of gas in the EU’s green taxonomy could unlock USD bns in funding for those kinds of projects — helping us realize our ambitions to become a Mediterranean energy hub.

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Interested in taking an online course from an esteemed US university? It might really be taught by an online education company. In an attempt to bolster revenues, universities in the US appear to be outsourcing some of their key services, including actually running courses and teaching, to for-profit education companies, the Wall Street Journal reports. Under these partnerships universities hand education companies, such as 2U Inc. much of the responsibility for recruiting students and delivering instructional materials for courses, especially for non-degree programs. The education companies use universities’ ‘.edu’ email addresses and tools to make their recruiters’ outgoing communications appear as though they are coming from legit schools and universities’ area codes.

And these courses cost a pretty penny, with tuition fees for online programs equal to or exceeding those for in-person programs, with the companies taking the lionshare. One partnership saw 2U keeping 80% of the revenues from a University of Oregon program and the University maintaining a 20% share of tuition revenues (USD 600k), according to a contract with the university the newspaper reviewed.

Students are often unaware of the terms or existence of such agreements and are left unable to differentiate between schools and recruiters, students told the newspaper.

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Calling all iSheep: Apple is planning on releasing a new sports smartwatch with the biggest display yet, with 7% more screen space compared to the largest Apple watch in the market, sources in the know reportedly told Bloomberg. The sports watch will pack a bigger battery and will be encased in a rugged metallic exterior to cater to the needs of extreme-sports athletes. Their new models are likely designed in a bid to compete with the smartwatches offered by Garmin, Google, and Samsung, the newspaper notes.

Apple is also planning on debuting new fitness features to go with their new product including multi-sport workouts and enhanced intensity tracking during training routines, and will be unveiling 2 more watch models later this year. Apple made USD 38.4 bn — or 10% of the company’s total revenues — in smart watch sales last year.

???? ON THE TUBE TONIGHT-
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Since Amazon Prime is here (pdf), we thought we’d go with one of their hits — The Boys: Based on the comic series of the same name, The Boys asks the question: What if superheroes were real and there was nothing we could do to check their power? Would they really be altruistic or would absolute power do what it does best? What can be done about it? Well, that’s where the eponymous team of anti-superhero vigilantes come in. The kicker: They’re all normal (well, relatively) everyday guys who got sick of the abuses of the super-abled.

The show is the one of the latest in a string of movies and TV series that became popular in the 2000s that attempt to deconstruct the superhero genre — a trend started by legendary comic writers such as Alan Moore (creator of Watchmen) and Frank Miller (The Dark Knight Returns) in the 1980s. But unlike these other movies, the Boys doesn’t take itself too seriously, and understands its place as pure parody. That said, it doesn’t shy away from such themes as corporate greed and corruption, abuse of power, consumerism and social media on crack (or compound “V” as the show would have it), as well as telling a very charming underdog story. And since it was adapted by Seth Rogan, you'll be bound to get a few laughs in.

The show is on its third season, so you’ll have much to binge if you haven’t started already.

⚽ Eid week leaves you with plenty of football to watch: We have plenty of matches here at home as well as some friendlies between major European clubs in preparation for the new season.

Today: Al Masry faces Eastern Company in the round of 16 of the Egypt Cup at 6pm. As for the league, Ismaili will play against Enppi at 6pm, while Ghazl El-Mahalla will face Future at 9:30pm.

Tuesday: Zamalek will face Al Moqawloon Al Arab in the league at 6:30 pm, and Al Ahly will play against Future at 9 pm. Meanwhile, Al Ahly Bank faces Ghazl El-Mahalla at 4:30pm, and Tala’a El-Gaish is set to play against Pyramids at 6:30pm.

English rivals Manchester United and Liverpool will play a friendly match in Thailand at 3 pm.

Wednesday: The Egyptian League takes center stage: Ismaily v Smouha at 6:30 pm, Al Masry v Farco at 6:30 pm, and Enppi v El Gouna at 9pm.

Thursday: Eastern Company v Misr El-Maqasa at 6:30 pm, Ceramica Cleopatra v Al-Ittihad at 9pm.

Friday: Manchester United plays a friendly match in Australia against Melbourne Victory at 12:05 pm, and Liverpool is set to play another friendly in Singapore against Crystal Palace at 2:35 pm.

Saturday: Pyramids and Al-Ahly face off in the Egyptian League at 9 pm, Ghazl El-Mahalla will play against Zamalek at 6.30 pm, and Future will face Ismaili at 6.30 pm as well.

???? IN OTHER SPORTS NEWS- Tunisia’s Ons Jabeur made history at Wimbledon, becoming the first Arab or North African woman to reach the semifinals of a grand slam, CNN reports.

???? EAT THIS TONIGHT-

Blast from the past: Bon Appetit has made an ubiquitous comeback: Local food chain Bon Appetit is suddenly everywhere — in gas stations, the street corner, all your food delivery apps — and we’re loving it. Founded more than 30 years ago, Bon Appetit used to be the go-to spot for fresh sandwiches in the 90’s and early 2000’s — their chicken pané was always the perfect post-practice snack in the nady. Since then, many international food chains started setting up shop in Egypt, local food players stepped up their game, and Bon Appetit just fizzled out among the multitude of choices. Until now: The sandwich maker is making up for lost time by opening up branches everywhere across the capital, and the food is just as delicious as we remember it. Their signature chicken Champion sandwich is always a solid choice, and their roast beef sandwich is equally fresh and delicious. Pro tip: Whichever sandwich you go for, always order extra cheese.

???? OUT AND ABOUT-
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Kick off the Eid vacation with a few laughs tonight with Slapsticks Stand-Up Comedy Show at Rawabet Art Space: The recently-formed comedy club Slapsticks has a fresh line up of fine comedians for audiences tonight, including Ahmed Hassan, Hamza Bahaa, Marwan Moslemany, Ghada Salah, and Mohamed Habib. The jokes will kick off at 8pm.

If live music is more your thing, catch award-winning El Tanbura’s tonight at El Dammah Theater: El Tanbura’s traditional folk music is performed by 20 members ranging in age from 25 to 84 years, and they include master musicians, singers, philosophers, as well as fishermen, builders, plumbers and vendors. The concert will begin at 9pm.

Room Art Space Garden City is hosting its monthly open mic night tonight at 9pm, sign up for a seven-minute slot to show off your musical, poetic or comedic chops or just show up and enjoy the show.

Or sing your heart out at karaoke nights at Room Art Space New Cairo on Wednesdays and Thursdays 8pm to 10pm.

???? EARS TO THE GROUND-

The EGX30 rose 1.1% at today’s close on turnover of EGP 395.45 mn (52.3% below the 90-day average). Foreign investors were net sellers. The index is down 26.7% YTD.

In the green: Credit Agricole Egypt (+5.2%), Palm Hills Development (+4.3%) and MM Group (+2.5%).

In the red: Medinet Nasr Housing (-5.1%), GB Auto (-1.1%) and Heliopolis Housing (-1%).

Password protect my DNA please: Of all the things we’re told to gatekeep to protect our privacy, our DNA isn’t usually one of them. But this might be about to change according to two law professors, who warn in an article in The Conversation that “genetic paparazzi” might soon become a thing as DNA collection kits become more accessible.

DNA theft is exactly what you’d think it is: It occurs when someone gets their hands on your genetic makeup without your consent.

And it’s easier than you might think: Locating a person’s DNA isn’t particularly difficult. Hair follicles, saliva, fingernails, dead skin. We leave behind traces of DNA wherever we go.

Yeah, but why? There are a number of reasons why someone might want to steal your DNA without you knowing. A Boston University study (pdf) lists several: people in paternity and fidelity disputes, paparazzi wanting dirt on celebrities, and blackmailers all have motives to surreptitiously acquire someone’s genes.

Our genes reveal a lot about us: Health conditions, family history and the traits of your future children can all be uncovered via DNA analysis. And technological innovation means that DNA can now be used for reproductive purposes using in-vitro gametogenesis.

Madonna has been accused of “DNA paranoia” for taking precautions to stop people from getting hold of her genes. Back in 2011, the pop star began employing cleaners to sterilize her dressing rooms and remove traces of DNA to prevent theft. She also reportedly uses new toilet seats at every one of her gigs and hired a full team to take care of that.

But the motive for paparazzi is clear: Revealing personal information about public figures is big business and there are precedents for “genetic trophy hunting.” Back in 2002, it was widely reported in the British media that a group of people had plotted to steal Prince Harry’s DNA to verify the identity of his father, with the goal of selling the results of the paternity test to the media.

The tools are more accessible than ever: With the recent rise of at-home DNA testing and people eager to learn if they have any distant relatives (or siblings as shown in the Our Father Netflix documentary), it is easier than ever for people to get their hands on others’ genes. DNA testing kits such as 23andMe, AncestryDNA and FamilyTreeDNA can be bought online. Since its launch in 2006, 23andMe has gathered the DNA of over 12 mn people, 80% of which have agreed to have the company share their data with research partners.

Authorities can easily get their hands on your DNA: There have been several instances where law enforcement solved decade-old cold cases using DNA testing kits, most prominently, the 2018-arrest of the “Golden State Killer” for a number of murders and rapes that took place in the 1980s.

It’s not just your personal information you’re risking: By sharing your DNA, you are also sharing information about your immediate family members and distant relatives, which should require that an individual get their entire family’s consent prior to sharing their DNA, an article in the Princeton Legal Journal argues.

But legally, it’s still a gray area: While genetic testing companies promise not to sell your data to other companies, the labs they use make no promises, leaving customers’ DNA vulnerable to theft. The growing accessibility to people’s genes calls for the need for stronger genetic privacy laws to protect people’s privacy.

Let’s be clear: The average person has a lot less to fear about the safety of their genetic information than a public figure. But how courts respond to the legal ambiguities surrounding high-profile cases will likely go on to influence how we think about genetic privacy and individual rights on a deeper level.